PayPal attains license to operate in Russia

Russian regulators have given PayPal approval to operate as a non-credit banking institution allowing the company to pursue its strategy of opening a domestic business in the country.

The process of obtaining the license from the Central Bank of Russia has taken more than two years according to Ebay. Russia’s 2011 National Payments Law included the licensing requirement as a provision.

Russia and China are Ebay’s top two priorities as the company looks to expand its international presence. Surprisingly, Ebay only accounts for 3-4% of daily ecommerce activity. However, Reuters cited Russian customers shopping on Ebay increased by 82% in 2012.

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